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CNBC
Mar 18, 2013 6:00am EDT
michelle caruso cabrera here in new jersey. you should be somewhere, right? >> we had a long discussion about it. >> all of these fantastic reporters -- >> couldn't find any five-star hotels there, right? >> you've got me figured out. >> we're going to connect all the dots and figure out what may happen next. first, let's start with julia for a recap of how the entire story line went down for those who are not in the know this morning. julia. >> morning, guys. yes, well, in the early hours of saturday morning, we got wa arguably looks like a game changer in the european's response to bailout in the eurozone. of course, there are many aspects on this. the russian involvement, just the sheer size of the cypriot banking sector, almost eight times the size of the country's gdp. but what we heard on saturday morning was, yes, there will be a bailin of depositors and that levy that's going to be imposed to them was already frozen. the first question then, of course, is what happens to the remaining cash? are depositors able to remove that cash when the banks open tomorrow? it's a b
CNBC
Mar 19, 2013 5:00pm EDT
news on cyprus. michelle caruso-cabrera is on the ground there to give us an update. michelle. apparently, we're having some difficulties. ho hopefully, we'll tune in with her later in the show. some comments from the german finance minister on cyprus situation. we'll get the developments later on. after losing more than 35% last cement, is apple finding a bottom? is it time to get bull iish? >> so, i think you know my feel on apple specifically. i think the company, it's facing challenges and obviously, performance of the stock tells you that. but if we have a chart going back to basically october, it's been a pretty steep down trend that we appear to have broken to on the upside. the day i look at specifically is march 3rd and 4th. on the 4th, we had an interesting day. we didn't trade below the 419, but close enough. here's what you have to look at. obviously, your level of support gets lower with each passing day. but at least as we settle the time, you have something to trade against. the sentiment has got it so negative, i think the stock is flushed to a point now where
CNBC
Mar 21, 2013 3:00pm EDT
now. we want to get michelle caruso-cabrera. she's on the phone live from cyprus. what can you tell us? >> reporter: the head of the central bank of this country is urging parliament to pass a new law that would give him the ability to wind down one of the troubled banks in this country. this is a signal of the solution that they're finally going to try to seek in terms of getting out of this crisis. right now, he doesn't have the authority to shut down one of the banks, which is pretty odd. most countries, the central bank does have the authority to shut down banks. they need that law passed so they can begin the process. that would be one of the conditions it would have to meet in order to get the bailout from the imf, the european union, and the ecb to prevent the financial collapse of the country on tuesday, when they try to reopen the banks. >> in terms of that one bank, what would be the ripple effects of closing down that one bank? >> reporter: well, it would save them a lot of money, because they don't have to recapitalize it, right? that's why the european union would laike it
CNBC
Mar 18, 2013 5:00pm EDT
news. we want to go straight to our chief international correspondent michelle caruso-cabrera. apparently the euro group is out with a statement on the events in cyprus. michelle? >> there is a statement out, melissa but first let me tell you some reporting i've done that shows that -- at least two sources tell me that it's quite likely that senior bank debt holders in non-viable banks in cyprus will likely take losses. this is a change from what we had seen previously. it looked like they were going to go after depositors, perhaps without touching the senior bank debt holders. this is likely a reflection of the fact that they are trying to reduce the burden on taxing those below the 1 hupp,000 euro threshold, which is the level of insured deposits. so it looks like there's a shift going on in terms of trying to shift the burden sharing and for the first time in a significant way perhaps senior bank debt holders in europe are going to take losses. same time in the euro group statement they say they encourage the protection of depositors below the 100,000 euro but as long as cy
CNBC
Mar 21, 2013 2:00pm EDT
. michelle caruso-cabrera is in the capital of nicosia. >> reporter: we're getting clarity about how they're going to resolve this crisis. there are protesters down the street. they wouldn't let them get close to parliament. they're mostly the workers at the weakest bank in this country. and it looks like increasingly the way they're going to come up with money to solve this problem is to shut down that very weak bad bank, move the good assets over to another bank. the workers that have gathered know they're going to lose their jobs if that's indeed what happens. more than 2,000 people. this has been a long process to arrive at this point. and as you mentioned, there had been all day long lines at the atms of the bank because word had gotten out that something was up. and we saw 20 people deep at any given time. you can see the protesters there. and then the lines at the atms as well. now we are told that there's going to be a 250-euro limit if and when the banks reopen. they're going to put in capital controls. as long as there's a plan in place at some point, the european central b
CNBC
Mar 19, 2013 7:00pm EDT
cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here in cyprus. just a few hours ago, the parliament resoundingly rejected the idea of taking money from bank deposits here in order to secure a bailout. the rest of europe groan. protest yourself, however, cheered. now they have to get back to work tomorrow, come up with a plan b., how are they going to get 5.8 billion euros, that's what they have to do to get another $10 billion in loans from the european partners in order to resolve the situation of their near-busted banks. also adding to the drama today, the finance minister tried to resign. it's not clear why. the president wouldn't let him. and then he immediately left for russia. as you mentioned, to try to secure some kind of help, maybe in exchange for natural gas rights. at minimum, they would just like easier terms on a loan that russia gave two years ago. the banks are supposed to reopen thursday but increasingly it's looking l
CNBC
Mar 18, 2013 12:00pm EDT
. >> hi, michelle. >> tell us why you upgraded hewlett today? >> we think handicp under the direction of meg is under the direction of healing the employee more ral and ultimately the company will top their free cash flow guidance by 35% this year. that will improve earnings quality and generate high reserves. >> everybody in a better mood will drive better cash flow? >> what you saw in the fiscal first quarter, the company reported free cash flow, $2.1 billion. that's one quarter of strong cash flow performance. they guided to $5 billion. we're expecting they will do $6.7 billion and already executed on better free cash flow. we think meg is focusing the manage. team on free cash flow metrics versus prior ceos focusing the leadership team on revenue metrics. >> or who nose whknows what? i can never tell. >> we've been through three ceos in just as many years. meg is taking a different tact focusing on capital efficiency, focusing the team on rigorous cash flow. >> how do they grow revenues with 50% of their business in pcs and printers? >> it's a really great question. the frank answer
CNBC
Mar 21, 2013 5:00pm EDT
michelle who joins us live from cyprus with the latest details on the country's bail-out negotiations. michelle? >> we are a lot closer to a resolution than we have been throughout this crisis. that's the broad headline. here are some of the details. the way it will get resolved will make a lot of people in cyprus unhappy. a lot of bank employees showed up to prot the unfolding plans. the magic number was 5.8 billion euros. they need new revenue or savings in their budget. they do that and europe says we'll give you 10 billion euros for a bail-out loan. how you going to get there? they didn't want to tax depositors. they're going to resolve at least one bank. brussels would like them to do two. that means getting rid of bad banks over time. that means losses of employment, uninsured depositors will take very large hits. insured depositors will remain whole and the banking system will stay afloat. this will please the european central bank so that everything can re-open on tuesday, if everything goes according to plan. as long as these guys in the parliament vote on this tomorrow. >> k
CNBC
Mar 18, 2013 7:00pm EDT
right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls below the insurance threshold. even though in theory it was supposed to be 100% guaranteed by the state. that turned out to be so controversial they are second-guessing themselves and reconsidering. a few hours ago the minister put out a statement saying they thought the smaller depositors should be protected. that doesn't mean they will, however, because cyprus has to figure out some way to contribute to this bailout. they would have to tax the biggest depositors, the russians eve
CNBC
Mar 18, 2013 1:00pm EDT
covered in europe. michelle caruso cabrera on the insides of that deal and reverberations. she's on her way soon to that part of the world. steve liesman on his way soon to westchester county. robert, who knows where he's going. what it might mean for russia's rich. >> nondisclosed location. >> tyler, i'm looking at the markets and the commentary coming in to my e-mail. i think knee-jerk contagion is now becoming contagion as some investors doubt that what's going on in cyprus is really raising concerns about the positive insurance worldwide. citi group in a report that just came out, contagion risks are over rated in our view. the risk of bank runs in other euro area countries has clearly risen but the unique features of the cypriot situation should limit the read through to other cases in the euro area. in case you didn't know this, issuing a strong statement the reassure american depositors. while the situation in cyprus is a real concern for the depositors in cypriot's banks, depositors in the u.s. banks are insured. the cyprus debacle is the sort of thing that has kept the fed
CNBC
Mar 18, 2013 2:00pm EDT
it t matter here? senior international correspondent michelle caruso cabrera who is boarding a flight to cyprus right when this show is over. >> two reasons why you should think about investor impact for cyprus. as part of the bailout the country agreed to tax insured deposits. that's whooig like waking up in the united states and discovering that the bank that had fdic insurance up to $250,000 limit suddenly didn't count anymore. you're going to lose some of your money. real violation of trust there. it's feared that what if that spreads across europe if other issue for investor impact is the bailout deal for the banks skipped basic rules we tend to follow. a bank goes bust, the equity goes to zero. senior debt holder goes to seoor row. insured deposits never get touched. they didn't do that here. it's still unclear what they're going to do with the debt holders. once again, legal unpredictability in europe. you can't believe anything any of these guys say. >> i don't want to go against our own network's graphics but i've been calling this a bail-? >> it is. >> people of cypru
CNBC
Mar 20, 2013 9:00am EDT
. joining us from cyprus is our chief international correspondent michelle caruso-cabrera. michelle? >> hi there, scott. >> as a result of rejecting that plan last night in parliament and now it's plan b and it's emergency meeting after emergency meeting to try to fig you out a way for this government to come down in euros in either savings or revenues in order to get a $10 billion euro loan to bail out their banks. they've got to come up with that number or else we'll come up with a meltdown. in the wakes of the vote yesterday told the cypriots. don't think you're negotiating this deal. don't come back to us. it was a toughly-worded statement. russia, by the way, is not buying one of the troubled banks. there had been a report that that was going to happen that briefly spiked the euro. and one of the government spokespersons immediately said it was false and we saw that rally disappear. there's a cabinet meeting two hours from now and at some point they've got to announce, what are they going to do about the banks tomorrow? are they going re-open or not? it seems implausible at thi
CNBC
Mar 18, 2013 9:00am EDT
controversy. michelle caruso-cabrera with the latest on this developing story. >> instead of the tradition route of severe austerity across the country with much higher taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the bank
CNBC
Mar 14, 2013 6:00am EDT
future about what happens to big east athletics. >>> and michelle obama wanted send a mental to american kids about health on sesame street. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. but that doesn't mean i don't want to make money.stor. i love making money. i try to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. clients are always learning more to make their money do more. (ann) t
CNBC
Mar 15, 2013 7:00pm EDT
michelle caruso-cabrera. ann coulter, i know you think i'm nuts but i'm telling you the stock market is a great signal. the republicans won on the sequester. obama's poll are down so now he's having to come to the negotiation table. i like this story. i want to be optimistic about this story. >> um, i want to be optimistic too. but i want to be realist jig. all,000 are the financial maven and i would normally defer to you, that's the only thing i'm pessimistic about. i think the economy -- i would not count on the stock market continuing to go up. i know nothing about it. i just don't think that what's happening in the company justifies it. people don't have any other place to put their money. i do think people will get fed up with obama. one thing i'm very optimistic about which i was not before, i thought if we didn't repeal obama care in the next four years, if romney didn't win we would never repeal it. you are starting hear, you saw the donna brazil tweet i can't believe my insurance company just raised my rates. bad things are going to happen as obama care goes into place. it's no
CNBC
Mar 20, 2013 1:00pm EDT
cyprus and the impact there on the rest of europe and the globe. michelle caruso-cabrera has made the trek to that small island nation that is right now ground zero for europe's financial problems. michelle? >> reporter: hi there, tyler. the latest is the president says he's going to meet with parliament tomorrow morning. there's still no plan here. in fact, you heard about plan a which was to tax deposits. now we have heard that plan b has been rejected by the troika as well. cyprus government said to the troika, their european partners who they want them to lend money to, they said to them, listen, instead of taxing deposits why don't we do this instead. we have a pension fund, we'll raid it, take the cash, turn it into bond and we'll pay it back over time. the troika said that doesn't do anything for you. you still have liabilities. then they said we're also going it try to sell one of the bad banks. and the fact of the matter is if the bad bank were sellable, people like chris flowers and wilbur ross and tim collins would have been here a long time trying to buy it. they said mayb
CNBC
Mar 20, 2013 4:00pm EDT
conversation, thank you so much. >>> up next, we'll take you live to cyprus, michelle caruso-cabrera on the ground live with the latest developments on the debt crisis there. we'll talk with a local business insider who's extremely concerned about the fate of his country's economy. and later, if the fed is calling for moderate growth in the economy, that has to be good news for the world's largest coffee chain, right? howard schultz will talk with me and i'll get his reaction to developments in europe and today's shareholder meeting. >>> and on a lighter note, watch out, superman, schultz is now a comic book hero. we'll get the lowdown on his super powers, next. >>> welcome >>> welcome back. officials in cyprus struggling to avoid a financial meltdown after its parliament rejected an international bailout package that would have taxed savers and depositors. michelle caruso-cabrera is on the ground right now. she joins us live with the very latest from cyprus. over to you, michelle. >> reporter: hey, there, maria. the very latest that the cyprus plan tried in part trying to raid a pension fu
CNBC
Mar 13, 2013 5:00pm EDT
today we have clarity on the strength of consumers from michelle meyer from merrill lynch global research. first, why the traders are not seeing eye to eye on this leading street maker. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ if you don't have something important to say? it's not what you think. it's a phoenix with 4 wheels. it's a hawk with night vision goggles. it's marching to the beat of a different drum. and where beauty meets brains. it's big ideas with smaller footprints. and knowing there's always more in the world to see. it's the all-new lincoln mkz. >>> >>> rally mode up 18% over the past year. just today, the software giant got a key upgrade on the street. is this stock hard wired for more gains here? answers in our street fight, guy is our bull, bk is the bear. k
CNBC
Mar 21, 2013 7:00pm EDT
forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good deposits in that bank and move them to another cyprus bank. the bad deposits, the bad loan, the junk that's in laiki bank will remain as a stub and those assets will be sold off over time. first, it's going to get them a lot claeser to the $5.8 billion they need to come up with. the other key point, people under 1 hundred,000,000 euros w completely protected. >> many thanks. what's next for cyprus? with us, dan greenhouse, gary shapiro joins us, author of "ninja innovation" and larry mcdonald, head of global strategy at new edge. he's got a totally different take on this cyprus story. you said, i read your article
CNBC
Mar 20, 2013 12:00pm EDT
taking place over in cyprus as well. we want to get the latest from there. michelle caruso-cabrera is standing by. michelle? >> hey, there, scott. cyprus has to move on to plan "c" because plan "b" has been rejected by troika. cyprus went to the troika and said instead of depositing the deposits in the bank what if we we raided a pension fund? like 4 billion euros and they don't like that because if you raid it now, you get cash. you've got to pay the workers down the road. so you still have liabilities. you have increased them. doesn't do anything for your debt sustainabilities. what if we sell the good banks to the russians, and the troika said it's the bad bank that's the problem. who who's going to absorb the losses so we're back to square one. ultimately now if the european union doesn't blink and if the russians don't come through with another plan, cyprus faces a choice. they either wind down the two big banks and a lot of people are taking a lot of losses though the insured depositors can be protected or they leave the euro. we'll have to hear a decision within the next cou
CNBC
Mar 21, 2013 1:00pm EDT
we find our michelle caruso-cabrera. she's following the story from the cyprus standpoint. michelle? >> reporter: yes, hi there, sue. about 100 meters that way or where you see all the prote protesters, they gathered a couple hours ago. they learned that the bank is going to be shut down, one of the two insolvent banks here in cyprus, one of the measures they're going to likely have to take in order to secure a bailout. behind me is the parliament. inside we understand that they are going to pass a law that gives the central bank the right to shut down banks in this country. they didn't have the right to do that before. if you don't understand a lot about banking or bailouts, this is very simple. if you shut down a bad bank, you save a lot of money. if you try to save a bad bank, it costs a lot of money. you have to pour capital into it. you have to dig a hole in the ground and pour money into it to have a very strong base for a bank. the worse the bank is, the more it's going to cost. it gets a lot cheaper just to shut it down. they're going to split into a good bank and a bad bank
CNBC
Mar 21, 2013 6:00am EDT
has been known to tie one on herself, michelle caruso cabrera joins us with the late latest. this is serious stuff. pardon me. what have you got, michelle? >> it is serious. it is serious. in fact, let me show you some photos that we just took right around the corner from us is an atm machine where a long line has started to form. we just did the interviews. we haven't been able to send back the film. they are desperate and very angry and they are frightened and they can't believe they're living through this situation. the reason they're living through this situation is something has to be decided and very, very soon about what they're going to do in order to raise capital to bail out two bad banks that they have here. let me show you where things stand right now. the biggest headline is the european central bank has set a deadline. cyprus has to come up with a plan by monday or come up with liquidity assistance. that means they cut off the banks and that would mean the banks have collapsed. without any plan in place, that could force an exit from the euro. everything moves very fast
CNBC
Mar 19, 2013 1:00pm EDT
our michelle ka rus michelle will have a live report later. >> keep our cash. get it in the bank. >> find the people responsible for this mess, prosecute them, put them in prison. >> obviously that gentleman is extremely mad. the other side of the story is also anger from russia on a deal to tax those banks accounts because so many russians keep their money in cyprus. so peter, my question to you is, as the finance minister is expected to go to russia tonight, how could russia retaliate? how could the russian government, because it is so angry, what will they do and what could they do? >> well, there are a lot of reactions they could have. first of all, it's hard for me to see shock. it's an island that created eight times of its economy in foreign deposits. most of those were from russia. we're talking about something like 20 billion euros, almost $40 billion worth. the fact is, they are going to be taxed. if you think about a banking system where the banking system is self is eight times the island of the economy, that's too big to succeed. forget too big to fail. if anything g
CNBC
Mar 20, 2013 7:00pm EDT
today, banks will not open until next week at the he earliest. good evening michelle. >> larry, another day, another attempt to try to come up with a rescue plan for cyprus, today cyprus suggested that they would try to raid a pension fund, and promise to pay the workers down the road. but that idea was not liked. additionally they are trying get money from trussia. there's a deep and close relationship with russia, they are trying to come up with a deal or a bailout. so far they are empty handed. in the meantime the banks are closed. the european central bank is flying in cash so the ats have money, they can only do it for so long. they can not under insolvent banks. and two of the banks are clearly insolvent. so they have a choice of shutting down a couple of banks or leaving the euro. >> as michelle said, the big part of the story is russia. will russia rescue cyrus and their own tax laundering haven. steve is in moscow. >> reporter: yes they came to russia looking for financial support for their country after they brokered a deal in the terms of the european union. the russ
CNBC
Mar 20, 2013 6:00am EDT
the ground in cyprus, let's go out to michelle. >> hey there, steve. i'll show everybody a headline from one of the local newspapers here if you don't read greek it says russia roulette. in the meantime, the situation here is extremely critical for the banking system. every day that goes by without some kind of plan is one step closer to potential financial collapse of the entire country. the european central bank is still supporting the financial system here with hard cash. it's being delivered to atm machines. that's crucial because it is a lifeline for the people here because the banks are still closed. they've been closed all week. people have been telling us that in fact when they go to stores and such, they're now being told that the vendor or owner of the shop doesn't want a credit card or debit card, they want cash. with banks closed, the businesses can no longer access working capital so they are hoarding cash. you see constant stream of people at the atms. the banks are likely to remain closed through the weekend if they don't come up with a plan. they were supposed to reo
CNBC
Mar 21, 2013 9:00am EDT
there. but first our own michelle crew c caruso-cabrera is live in cyprus. >> reporter: the situation here grows increasingly desperate. they're down to the wire. cyprus government has to make a decision about what they're going to do. look at the lines that have started to form at nearly every atm of the bank here in cyprus, this liky is considered one of the weakest. they're still able to get money out of the atms in cyprus though banks have been closed all week and won't reopen until tuesday at the earliest. people in line are quite frightened because they know that this is the weakest bank and there had been rumors about it. it is likely to be part of any consolidation effort is that ultimately is what happened. that's every single day likely to be the case. listen to what one man said. he's been taking out money every single day. >> i just took $1,000. i've been taking $1,000 every day. personally i'm taking this money and cash with me to the uk tonight. >> because? >> because we don't know what the future of our country holds. things are very, very difficult and i think we shoul
CNBC
Mar 19, 2013 6:00am EDT
your last name with a comma and then your first name. michelle gerard, chief u.s. economist at rgf, kevin ferry of cronus futures management. michelle, what we finally decided yesterday was the fed gets more cover to keep doing what it's doing. just about anything you can turn into a positive when you have a fed -- >> exactly. that's exactly right. bad news that undermines the equity markets and in the sense of saying, well, the fed will end up editing to keep rates lower. >> even if the contagion doesn't hit europe and it doesn't come here, it's just knowing -- >> that's the down side risk against the fed in an accommodative mode, not quick to pullback whether we're talking about hiking, layoffs or what's the more pressing issue in the marketplace is how soon they may cale back on their purchases. that is now off the radar screen as people are more concerned about europe, the sequester. all these things which will keep the fed in a very accommodative mode. only the make sure they have the support. >> 27 places to keep the fed going. to give ben cover, right? >> not only in europe,
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